Word: hfai
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...According to a 2000 College Board report, between 1994 and 1999, the number of first-year students in American universities grew by 200,000. In part, this owes to an expanding demographic, Generation Y. Combined with better recruiting by colleges and programs such as the Harvard Financial Aid Initiative (HFAI), winning a spot at Harvard (or Yale or any other top college) has become a considerable feat. The cause of Harvard’s intellectual decline in this period of hyper-competitiveness is two-pronged: It has to do with the transformation of the college student makeup, as well...
...smart poor kids. The message of Harvard’s availability to low-income students was very much a shrouded and unclear one,” says Summers, who is now the Eliot University professor.And so, in February 2004, Summers announced the creation of the Harvard Financial Aid Initiative (HFAI), which would completely eliminate parental contributions from families earning less than $40,000 annually and reduce contributions from families making between $40,000 and $60,000 annually. In addition, HFAI also intensified the recruitment of low-income students, established the Crimson Summer Academy (an intensive college-prep program for financially...
When the Office of Undergraduate Admissions and Financial Aid decided in 2006 to expand the Harvard Financial Aid Initiative (HFAI), we were optimistic. By eliminating the family contribution for any student whose family earned under $60,000 per year, the College was taking a major step towards making a Harvard education affordable for anyone, no matter their means...
...though we suspected that the program would become enormously successful, we were concerned about the plight of students from middle-income families who did not qualify for HFAI would be overlooked. At that time, the College had stopped short of setting concrete goals for improving aid to all families earning between $100,000 and $200,000. These families, especially those with multiple children in college, can often be just as hard-pressed to come up with tuition dollars as low income families...
...College expanded HFAI this year, making a Harvard education free for students whose families make less than $60,000 and lessening the required contribution for families that make between...